Business, 25.06.2021 16:30 mandilynn22
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July.
Units Unit Cost
July 1 Beginning Inventory 2,700 $47
July 5 Sold 1,350
July 13 Purchased 6,700 51
July 17 Sold 3,700
July 25 Purchased 8,700 57
July 27 Sold 5,700
Required:
Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.
Answers: 1
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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period...
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